How to Save Money for Travel & Feed Your Wanderlust
Travel inspires your soul, expands your mind, and connects you with the world. No matter what your income is, you can travel anywhere you want to go when you budget the right way.
Travel inspires us, expands our perspective, and connects us with the world — and for many adventurers and wanderers out there, it’s our purpose in life. For those who crave new horizons and undiscovered lands, travel isn’t just a luxury, it’s a necessity. While the global pandemic put an abrupt halt to our ability to move around and experience new places, the world seems to be slowly reopening once again.
Before the pandemic, more Americans were budgeting for travel, choosing to explore a different culture instead of buying a big-screen TV. Millennials are driving the trend, with 72 percent saying they would rather spend their money on experiences instead of material things.
No matter where you are in life, you can see the world around you when you budget the right way. Learn how you can prioritize your wanderlust, travel safely, and make budgeting easier with helpful tools in the N26 app. Save more, spend less, and book that trip to Bali before you know it.
How much should you save for your trip?
Creating a travel budget depends on a number of factors, but with a little research and planning, you’ll have a good idea of how much to save for any destination. Consider the following factors, which can vary greatly:
Is it domestic or international travel? International flights tend to cost more, but there are always ways to find deals that aren’t as direct, or require a longer travel time.
How long would you like your trip to be? Depending on lodging, a weekend trip is almost always less expensive than a week-long adventure.
Is it safe and responsible to travel there right now? Keep in mind that many parts of the world are still recovering from the pandemic. Consider locations closer to home to avoid crowded airports and long flights.
How do you get there? If you can drive or take a train to your location, you can probably save some extra money.
Where will you stay? Staying with friends and family is a good way to cut costs when you’re traveling, especially since hotels can get quite expensive.
Are you traveling with anyone? Solo travel will give you the advantage of budgeting for one, but you won’t have anyone to split the costs of many expenses like taxis or hotel rooms.
How much can you realistically save each month? This will help you determine how long you’ll have to save for, or figure out ways to cut costs if you’d like to travel sooner.
For many travelers, getting somewhere often is more important than traveling first-class. However if you have more expensive taste, you might want to consider other ways to cut back costs, like packing picnics where possible, or skipping expensive tourist attractions.
Regardless, keep in mind that having a realistic idea of how much your trip will cost will help you plan ahead and know how much you have to save and for how long.
How to fund your travel passion with N26
Wandering the world isn’t cheap, but even creating a travel fund with $25 can turn into a trip you won’t forget. Here are a few steps to use your N26 account to help you reach your travel goals.
Step #1: Sign up for an N26 account. It’s free and takes less than five minutes.
Step #2: Use Spaces to create a travel fund, which allows you keep your travel goal separate from your main account. Personalize your space with a name like “Travel Fund,” “New Adventures,” or “See the World.”
Step #3. Set a savings goal for your Travel space. Once you’ve figured out how much money you need, it’s time to create a plan to start saving for your trip. If your situation allows, make it a regular event, like every time you get paid. You could choose a flat amount (like $100) or a percentage of your paycheck or whatever works for you. By setting the amount in advance, you won’t have to keep figuring out how much money to set aside every time. And don’t worry, if you ever need that money for emergencies, you can transfer it to your main account instantly with just a few taps.
Step #4: Every time you receive a paycheck, add the predetermined amount to your travel fund right away. Do it before you do anything else — it just takes a few taps from the N26 app. Or you could create a rule to automatically transfer the amount at regular time intervals, like once or twice each month.
Step #5: Find extra places to save. The N26 app automatically sorts your purchases into categories like entertainment, shopping, and restaurants. You can see exactly where your money is going, which makes it easier to determine where you can cut back to save for your trip more quickly.
Go far with N26
Once you get the travel bug, it’s usually hard to stop, and it will enrich your life in unimaginable ways. Take N26 along for the ride with banking that’s perfect for travelers:
No foreign transaction fees when you use your N26 card to pay abroad
Enable international spending right from your phone
Stick to your budget with push notifications on all account activity so you’ll know exactly much you’re spending in American dollars
N26 is here to help you achieve your short-term and long-term financial goals. Open your account today and travel the world with N26.
N26 does not manage external links, and is not responsible for the content, links, products or services of these websites. Further, N26's privacy and security policies do not apply to external linked websites. Please consult the disclosures of any external linked websites for further information.
The N26 account is offered by Axos Bank®, Member FDIC. N26 Inc. is a service provider of Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. The N26 Visa® Debit Card is issued by Axos Bank pursuant to a license by Visa U.S.A. Inc. The N26 Visa Debit Card may be used everywhere Visa debit cards are accepted.
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